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This morning, you borrowed $ 2 6 2 , 0 0 0 to buy a house. The mortgage annual rate is an APR of 7
This morning, you borrowed $ to buy a house. The mortgage annual rate is an APR of percent. The loan is to be repaid in equal monthly payments over years with the first payment due one month from today. Assume each month is equal to of a year and all taxes and insurance premiums are paid separately. How much of the tenth payment applies to the principal balance?
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